If you want cheap and quality for portrait stuff, I'd go 85 1.8.
I've owned the 70-200 f4 L and almost never used it. Without IS or a faster aperture I couldn't wait to get rid of it. The only time I used it was for strobe lit portraits. I will say it was really sharp though.
PS
I also noticed it sucked up some dust. It didn't seem to affect image quality though.




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